Advanced Issues in Dormant Accounts, Unclaimed Property & Escheatment
Unique, complex, and overseen by state regulators.
That’s what dormant accounts and unclaimed property are. Every financial institution should have a rock-solid procedure for dealing with these accounts and escheatment to the state. This webinar’s scenarios will awaken you to the attendant challenges and best practices.
AFTER THIS WEBINAR YOU’LL BE ABLE TO:
- Distinguish between when an account is deemed “dormant” for dormancy fee purposes versus escheatment purposes
- Create procedures to keep an account from becoming abandoned property that must be escheated to the state
- Understand when unclaimed and abandoned property must be escheated to the state
- Explain your institution’s responsibilities under the uniform unclaimed property laws
- Determine the states in which your institution is obligated to escheat property
WEBINAR DETAILS
Dormant accounts and unclaimed property pose unique, and often complicated, problems for financial institutions. Procedures and practices regarding dormant accounts and unclaimed/abandoned property have come under attack by state agencies which claim they are entitled to escheatment.
This webinar will explain the Uniform Unclaimed Property Act and the tools needed to evaluate its procedures and practices regarding dormant accounts and unclaimed property. It will quickly review the basic laws and then focus on more advanced issues. Since escheat laws vary, this webinar will not cover state-specific escheat laws. However, you will be able to find your state-specific escheat laws by using the contact information provided.
WHO SHOULD ATTEND?
This informative session is designed for staff involved with dormant accounts and unclaimed property, including deposit operations personnel, safe deposit box staff, account service representatives, compliance officers, auditors, and managers.
